摘要
新一轮“化债”已开启,“化债”的关键不仅在于消减隐性债务存量,更在于通过推动地方政府融资平台公司转型以遏制隐性债务增量。地方政府融资平台公司作为地方政府依托对金融资源的控制、纾解财力约束以及实现经济逆周期调节的重要市场工具,其勃发的根源在于行政集权下的强激励机制所引发的地方财政机会主义和软预算约束的实践逻辑。为防范化解地方政府隐性债务风险,消减地方政府对于市场融资的过度干预,弱化其对民间资本的挤出效应,必须推进地方政府融资平台公司的市场化转型。其中的关键在于,统合考量财政、金融融贯分权体制,剥离融资平台公司作为政府“第二财政”的融资功能,阻断其政府信用。但是作为公共企业,地方政府融资平台公司在转型过程中绝不能偏离公共属性和目的,须依靠民主机制对其进行公共调控和约束监督。
A new round of“resolving debts”has begun.The key to“resolving debts”lies not only in reducing the stock of hidden debts but also in curbing the incremental hidden debts of local governments by promoting the transformation of local government financing platform companies.Local government financing platform companies,as important market tools for local governments to rely on the control of financial resources,alleviate financial constraints,and achieve countercyclical economic regulation,owe their rapid development to the practical logic of local fiscal opportunism and soft budget constraints,which is triggered by the strong incentive mechanism under administrative centralization.To prevent and resolve the hidden debt risks of local governments,reduce excessive intervention by local governments in market financing,and weaken their crowding-out effect on private capital,it is necessary to promote the market-oriented transformation of local government financing platform companies.
出处
《探索与争鸣》
北大核心
2025年第4期140-150,180,共12页
Exploration and Free Views
基金
中国政法大学钱端升杰出学者支持计划资助项目。
关键词
政府化债
融资平台公司
地方政府
公共企业
government debt resolution
financing platform company
local government
public enterprise
作者简介
李蕊,中国政法大学民商经济法学院教授。(北京100088)。
